SINGAPORE: New York July cocoa may rise into a range of $2,942-$2,993 per tonne, as suggested by a projection analysis.
The contract is riding on a steady uptrend, which is driven by a wave C from $2,474. A projection analysis shows that this wave was disrupted by a resistance at $2,942, which caused a deep correction.
With this resistance being approached, the uptrend is believed to have resumed. A rising trendline suggests that the trend may extend to $2,993.
Support is at $2,859, a break below which could cause a loss to $2,827.
Note: Cocoa report will be published twice a week, on Wednesday and Friday.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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